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RELM Wireless Corp. Message Board

  • goldstocksplus goldstocksplus Jun 18, 2011 8:22 PM Flag

    Bad Management

    The CEO may be a nice person? But he is a failure. In the ten years of his tenure, Relm has
    not grown. The CEO must be held responsible for his company's performance. From reading annual reports these are the
    highlights of the 10 years of "Leadership"

    Lost $1.4Mil
    Intro GMH series radio.
    R&D $1.2Mil
    84 Employees

    Earned $0.1Mil
    R&D $1.4Mil
    81 Employees

    LOST $3.6Mil
    Intro RELM analogue portable radios
    R&D $1.9Mil
    73 Employees

    Earned $0.9Mil
    Intro DPH digital radio
    R&D $1.5Mil
    67 Employees

    Earned $1.7Mil ----+Tax Income Benefit
    Intro Digital encryption and Expanded band VHF radio.
    R&D $1.9Mil
    76 Employees

    Earned $5.5mil -----+Tax Income Benefit
    Intro DMH radio, GPH-CMD radio, Rp3000,RP3600, DPHx with cryptographic module, and 6 new RM mobile radios.
    R&D $2.4Mil
    83 Employees

    Earned $5.9mil
    Intro RDPR "The Go Box", DPH-CMD radio, RMV800 & RMVU800 radios,
    R&D $3.1mil
    92 Employees

    Earned $2.8mil
    Intro KNG P150 radio
    R&D $2.9mil
    101 Employees

    Lost $2.9mil --- was this due to large R&D increase??
    Intro KNG P150(again??) and KNG P400
    R&D $4.5mil ---Large increase
    91 Employees

    Earned $3.4mil --rebound
    Intro nothing....
    R&D $3.6mil
    87 Employees

    Lost $0.65mil
    Intro KNG M400, KNG M500, P25 trunked radios, KNG M150
    R&D $4.9mil --up?
    96 Employees

    2011 Q1
    Lost $0.69mil in Q1

    Many new products over 10 years AND NO SALES GROWTH.

    The CEO has earned a large salary and received Options and bonuses. He is now a wealthy man.
    It is time for him to step down and have the Board select a new CEO to grow Relm wireless.

    I implore the Chairman and the board of directors to remember their fuduciary duty to the owners
    of Relm wireless.

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    • I can't argue with the dismal sales stats, but I have to take issue with the assertion that Story is getting rich. If you take a look at the latest proxy statement on, you will see that his annual compensation and option grants, while certainly adequate, have not made him a "wealthy man." Mr. Story and the other long-time execs (Kelly and Cook) will only make any real money if they can get stock price up to over $4. What is fascinating to me is that none of them exercised their large early 2000's grants of vested $1 options during the last two runups to $10 and $4 respectively.These options all expire in less than a year - so at least these guys are true belivers and willing to put their money where their mouth is. I am holding on for the big payday - either improved performance or someone taking them out at $4 +

    • Your letter makes alot of sense, is very well laid out and it is hard to argue with facts. This should be forwarded to investor relations to be read at the next board meeting.

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